Open-air power center in Fort Wayne sells
JLL Capital Markets closed the sale of Apple Glen Crossing anchored by Best Buy, Dick’s Sporting Goods and Ulta
CHICAGO, Jan. 10, 2022 – JLL Capital Markets announced today that it has closed the sale of Apple Glen Crossing, a 150,163-square-foot, open-air power center anchored by Best Buy and Dicks Sporting Goods in Fort Wayne, Indiana.
JLL marketed the property on behalf of the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, a private investment firm, purchased the asset.
Ranked in the top five percent of shopping centers nationally and in Indiana, Apple Glen Crossing is 94 percent leased to a dominant lineup of national tenants such as Best Buy, Dick’s Sporting Goods, Kohl’s, Shoe Carnival, PetSmart and Ulta Beauty. Adding to the diverse tenant mix are Triumph Box & Ryde, Cali Nails, Wendy’s, Sports Clips, Herbalife, America’s Best Contacts & Eyeglasses, Warhammer and The Hearing Center, among others. Completed in 2000, the asset also has space to expand with the addition of a 10,934-square-foot outparcel pad site, and the property is shadow anchored by a non-owned Kohl’s and large discount retailer.
Positioned on 17.43 acres at 1720-1770 Apple Glen Blvd., Apple Glen Crossing has excellent visibility due to its location between Illinois Road and Jefferson Boulevard, which have a combined traffic count of 56,308 vehicles per day. The property is also within Fort Wayne’s destination retail corridor, which helps drive traffic to the center, which, according to Placer.ai, has welcomed 3.7 million visitors over the past 12 months. The center serves a trade area that includes137,293 residents and 117,687 daytime employees within a five-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder, along with Vice President Tim Murray.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Brixmor Property Group
Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 389 retail centers comprise approximately 68 million square feet of prime retail space in established trade areas. The company strives to own and operate shopping centers that reflect Brixmor's vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.
About Berengaria Development, LLC
Berengaria, the real estate investment business of Marcus Investments (Marcus Family Office), has developed and/or managed more than $600 million of real estate developments nationwide since its inception in 2008. The company’s scalable team of real estate and multi-vertical business experts is seeking to accelerate its growth through its proactive, thoughtful, and proven approach, with a focus on acquiring retail life-style centers, senior living facilities, commercial office and various opportunity zone verticals including multi-family and industrial. Prospective opportunities across all asset classes should be sent to the attention of Jay Peirick, President, firstname.lastname@example.org.